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To: ARCADIA
Medicare Drug Benefit Brings Problems for Retirees and Young Workers "As Congress works on legislation to cover prescription drugs under Medicare, lawmakers have been deluged with complaints from retirees who fear losing drug benefits they already have from former employers," reports The New York Times. "In the last month, members of Congress say, they have realized that any Medicare drug benefit they may approve will have a profound effect on health coverage provided to retirees by former employers." Retirees will not be the only ones affected by the drug benefit if it passes. In a just-released study, "War between the Generations: Federal Spending on the Elderly Set to Explode," Cato Director of Fiscal Policy Chris Edwards and researcher Tad DeHaven explain that with the huge numbers of Americans nearing retirement age, Medicare and Social Security are already insolvent, and adding pricey new benefits will prove costly and unfair to young workers. They argue that Congress should cut spending rather than expand elderly entitlements. "It is clear that adding an unfunded prescription drug benefit to Medicare moves directly against reform because it puts the program's spending on an even more unsustainable path," they write. "Unfortunately, tomorrow's young taxpayers are not here to defend themselves against the huge burdens that are being foisted on them by Congress." Jonathan Block, editor, jblock@cato.org

From an earlier Cato daily dispatch.

4 posted on 09/26/2003 12:42:03 PM PDT by Sparta ("General" Wesley Strangelove "Let me start World War III, vote for me as president.")
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To: Sparta
...lawmakers have been deluged with complaints from retirees who fear losing drug benefits they already have from former employers," reports The New York Times. "In the last month, members of Congress say, they have realized that any Medicare drug benefit they may approve will have a profound effect on health coverage provided to retirees by former employers."***

I am astounded that there's not more of a public outcry about this under-publicized fact, especially from our friends at AARP. While a Medicare drug benefit might help some Americans, I predict such a program will have a far more negative impact on a higher percentage of our population who already have adequate benefits.

10 posted on 09/26/2003 1:03:42 PM PDT by shortstop ( Win One For the Gipper)
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